Ola Founder’s Krutrim Becomes India’s First AI Unicorn
Krutrim, an AI startup founded by Ola founder Bhavish Aggarwal, has achieved a remarkable feat by becoming India’s first AI unicorn. The startup, which aims to build the country’s complete AI computing stack, has raised $50 million in a funding round led by Matrix Partners India, valuing it at $1 billion. Krutrim, which means “artificial” […]
ACME and IHI Ink Green Ammonia Supply Deal
ACME Group, a leader in renewable energy in India, and Japan’s IHI Corporation, have signed a term sheet to supply 0.4 million metric tonnes per annum (MMTPA) of green ammonia from Odisha, India, to Japan. This agreement, a significant step towards reducing global greenhouse gas emissions, is expected to offset 54 million tons of CO2 […]
RBI Approves Zomato Payments as Online Aggregator
Zomato, the leading online food delivery platform in India, has received the Reserve Bank of India’s (RBI) approval to operate as an online payment aggregator through its subsidiary Zomato Payments Private Limited (ZPPL). This will enable Zomato to offer integrated payment solutions to its customers and merchants, and compete with other payment aggregators like Tata […]
Bamboo Refinery in Assam Attracts Investors
Assam, a state in northeastern India, is home to the country’s first bamboo-based bio-refinery, a joint venture between Numaligarh Refinery Ltd (NRL), Fortum, and Chempolis. The refinery, which plans to start producing ethanol from bamboo in March 2024, has generated interest among private investors from various sectors, such as tea estates, cotton traders, coal-based power […]
PM Lays Foundation for Rs 19,100 Crore Projects in Bulandshahr
Prime Minister Narendra Modi launched a slew of development projects in Bulandshahr district in western Uttar Pradesh on Thursday, January 25, 2024. The projects, worth over Rs 19,100 crores, are related to several important sectors like rail, road, oil and gas, urban development and housing. Rail Projects One of the major projects that PM Modi […]
Adani Power Offloads Stakes to AdaniConnex for ₹540 Crore
Adani Power Ltd. has signed a preliminary deal to offload its entire stake in two subsidiaries, Aviceda Infra Park Ltd. and Innovant Buildwell Pvt. Ltd., to AdaniConnex Pvt. Ltd. for Rs 540 crore. The transaction is expected to be completed by March 31, 2024. What are the details of the deal? According to a filing […]
JSW Group Enters Defence, Buys Stake in Gecko Motors
JSW Group, a leading corporate conglomerate, has announced its entry into the defence sector with the launch of a new business vertical, JSW Defence and Aerospace (JSW Defence). JSW Defence has acquired a majority stake in an extreme off-road vehicle company, Gecko Motors Private Limited, now renamed as JSW Gecko Motors Pvt Ltd (JSW Gecko) […]
RBI Approves LIC’s Strategic Investment in HDFC
The Reserve Bank of India (RBI) has given its approval to the Life Insurance Corporation of India (LIC) to acquire up to 9.99% stake in HDFC Bank, one of the leading private sector banks in India. This strategic investment will strengthen the partnership between the two financial giants and create value for their customers and […]
Reliance Jio and OnePlus Establish 5G Lab in India
Reliance Jio, India’s largest telecom operator, has partnered with OnePlus, a premium smartphone maker, to establish a 5G Innovation Lab in India. The lab will serve as a hub for testing and developing new technologies that will unlock the full potential of 5G technology in India. Jio True 5G Network Jio claims that its True […]
SEBI Revamps Reporting for Designated Depository Participants and Custodians
SEBI, the securities market regulator in India, has issued a circular on January 25, 2024, to streamline the reporting requirements for designated depository participants (DDPs) and custodians of securities. The circular aims to have uniform compliance standards, ease of compliance reporting and better regulatory oversight. What are DDPs and custodians? DDPs are entities that are […]